TAX DEDUCTION INFORMATION

When you donate your car you are entitled to a tax deduction on your federal income tax return, if you itemize your deductions. Currently there is much confusion as to how one calculates the dollar amount of that deduction. Some charities say “Fair Market Value”, some say “Full Tax Deduction allowed by Federal Law”, etc. There are many different stories for the donor to sift through. What is the real story?

In 2005, the rules for car donation programs changed with new tax laws and IRS guidelines. Today, the only way for a person to receive the “Fair Market Value” (i.e. Blue Book Value) for the vehicle is dependent upon one of the following:

1. The car is worth less than $500.

2. The Charity keeps the vehicle for their own use.

3. The car is sold at a price significantly below fair market value to a low-income individual that is in direct furtherance of the charities’ purpose of relieving the poor and distressed or the underprivileged in need of transportation. (Sole reason charity was established)

LIVING WHEELS MEETS THIS CRITERIA!

Charities not meeting these requirements can only, by law, provide the donor with a tax deduction based on what the donated vehicle sells for, and in a majority of cases it is sold at auction or as scrap.

Potential donors should quiz any other charity about their actual tax deduction and whether they are allowed to offer a Full Fair Market Value Tax Deduction!

1.Fill out our online Form.
2.We will contact you to pick up your vehicle.
3.Take advantage of the Tax deduction.
 

“Bringing Hope to the Needy Through Affordable Transportation is our mission. Donate your automobile to Living Wheels® for a fair market value tax benefit and turn hope into reality. Fill Out Our Online Form or Contact 877-867-9555 for further information. Free pick-up available.”